Related to the Economics in Practiceon page 280: The foreign ...

[robinn137]

Question 1

Refer to the information provided in Figure 13.11 below to answer the question(s) that follow.










Refer to Figure 13.11. Suppose a monopolist faces the demand and costs in the figure and is able to perfectly price discriminate. What is the societal loss from having a monopoly instead of a perfectly competitive industry supplying widgets?

◦ $0
◦ $4,000
◦ $16,000
◦ Indeterminate from the given information.

Question 2

Related to the 
Economics in Practice on page 280: The foreign visitors to the temples of Laos are typically much richer than the local Laotians. This tends to make the foreign visitors ________ buyers when it comes to ticket prices to enter the temples.

◦ perfectly elastic
◦ more elastic
◦ less elastic
◦ perfectly inelastic

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[robinn137]

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